In its budget submission, released on Monday, Hong Kong's Association of Chartered Certified Accountants urged Financial Secretary, Antony Leung Kam-chung to reduce personal exemptions on salaries tax to 1997-98 levels in order to increase revenue. The ACCA has estimated that a cut from the present level of HK$108,000 to HK$100,000 would yield an estimated HK$2 billion.
However, the accounting group urged the government to spare tax breaks for investors and businesses, and to grant profits tax and stamp duty exemptions in a range of areas in order to boost the flagging economy.
'Given that other jurisdictions in the Asia Pacific region have reduced their profits tax rates and introduced tax incentives to attract foreign investments, we consider any increase in profits tax rate would hamper HK's tax competitivenes,' the Association announced in its submission.
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